Markets rally ahead of US Fed’s monetary policy decision

26 Jul 2023 , 01:01 PM

Indian benchmark indices are trading with gains in Wednesday’s afternoon session as investors eye US Federal Reserve’s monetary policy decision. The market rally is riding on strong earnings releases from top companies. Over the last few sessions, markets witnessed strong consolidation.

On the sectoral front, the Nifty PSU Bank index is trading nearly 1% higher, followed by Nifty Media. All other sectoral indices are trading with gains except Consumer Durables.

At around 1.00 PM, BSE Sensex was trading 423 points higher at 66,778.51. NSE Nifty was trading at 19,789.55, up by 109 points.

Larsen & Toubro (+3.98%) is the top gainer on the nifty index owing to its robust performance during the June quarter. Reliance Industries (+1.96%) and ITC (+1.85%) are trading about 2% higher. Reportedly, Qatar Sovereign Fund is planning to pick up a stake in Reliance’s retail arm.

UPL (+1.29%) and Tata Motors (+1.26%) are the other gainers on the nifty pack.

Mahindra & Mahindra (-1.99%) is trading as the biggest loser. Divis Lab (-0.83%), Titan (-0.83%), SBI Life (-0.81%), and Cipla (-0.82%) are trading under pressure.

A total of 37 stocks advanced, and 13 declined on the nifty index today.